AUDUSD tests its support level after falling below the 200 hour MA

Written February 23, 2010 at 1:14 PM EST by  

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gregmike-00555

The AUDUSD broke through the 200 hour MA (at 0.8946) and has support at the 0.8882 level where the level has had around 7 or so lows/highs in the region over the last few weeks of trading (see chart above). The level is also the 38.2% retracement of the move up from the low on February 5th to the high today.   The level has slowed the decline but will it attract enough buying support against the level to scare the shorts? 

Look for upside resistance at the 0.8909/18 level now. This was where the market last paused on the move down to the low at 0.8878.  A move above this level wold look toward the 0.8946 level (200 hour MA) but I would expect early sellers before that level. 

gregmike-00556

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